Marvell Technology Group layoffs, on the record
Every job cut, severance charge and restructuring Marvell Technology Group reported in its annual reports, 2019 to 2021, quoted from the filings. Headcount went from 5,275 to 5,340.
Headcount, as reported
| Annual report | Employees | As of |
|---|---|---|
| 10-K for 2019 | 5,275 | February 2, 2019 |
| 10-K for 2020 | 5,633 | February 1, 2020 |
| 10-K for 2021 | 5,340 | January 30, 2021 |
Job cuts, severance and restructuring
Our summaryRestructuring tied to the Cavium acquisition, with severance and facilities costs, expected to be completed by the end of fiscal 2020.
Word for word“The Company recorded $76.8 million of restructuring and other related charges in fiscal 2019 in connection with the Cavium acquisition as described in “Note 5 - Business Combination”.” 10-K for 2019
Our summaryRestructuring actions in fiscal 2017 and 2018 that eliminated jobs worldwide.
Word for word“The impact on employee morale experienced in connection with our restructuring efforts in fiscal 2017 and 2018, which eliminated approximately 900 jobs worldwide, could make it more difficult for us to add to our workforce when needed due to speculation regarding our future restructuring activities.” 10-K for 2019
Our summaryNovember 2016 restructuring plan; the company completed its restructuring actions contemplated in that announcement.
Word for word“As of February 2, 2019, the Company has completed its restructuring actions that were contemplated in the original November 2016 announcement.” 10-K for 2019
Our summaryFiscal 2017 restructuring that included severance benefits, impairment and other exit costs.
Word for word“The Company recorded $96.8 million of restructuring and other related charges in fiscal 2017, which included costs associated with severance, asset impairment, lease termination fees and other costs.” 10-K for 2019
Our summaryCompany recorded restructuring and other related charges during fiscal 2020 tied to its December 2019 restructuring plan from integrating the Avera business.
Word for word“During fiscal 2020, we recorded restructuring and other related charges of $55.3 million.” 10-K for 2020
Our summaryCompany initiated a restructuring plan in December 2019 as part of integrating the acquired Avera business.
Word for word“In December 2019, as part of the integration of the acquired Avera business, we initiated a restructuring plan intended to further achieve the aforementioned goals.” 10-K for 2020
Our summaryCompany initiated a restructuring plan in July 2018 as part of integrating the acquired Cavium business, combining former Networking and Connectivity product groups into one Networking group.
Word for word“In July 2018, as part of the integration of the acquired Cavium business, we initiated a restructuring plan intended to achieve these goals.” 10-K for 2020
Our summaryCompany recorded restructuring related charges in fiscal 2019 from its July 2018 restructuring plan.
Word for word“Restructuring related charges $ 55,328 $ 76,753 We recorded total restructuring charges and other related charges of $55.3 million in fiscal 2020 as we integrate the newly acquired businesses and continue to evaluate our existing operations to increase operational efficiency, decrease costs and improve profitability.” 10-K for 2020
Our summaryCompany announced a November 2016 restructuring plan to refocus research and development, and divested three businesses during fiscal 2018 under it.
Word for word“In November 2016, we announced a restructuring plan intended to refocus our research and development, increase operational efficiency and improve profitability.” 10-K for 2020
Our summaryMarvell narrowed its server processor product line and recorded charges for assets it no longer expected to recover.
Word for word“As a result of the assessment, we determined the carrying amount of certain impacted assets were not recoverable, which have resulted in recognition of $119.0 million of restructuring related charges associated with the server processor product line during the second quarter of fiscal 2021.” 10-K for 2021
Our summaryMarvell reported its total restructuring and other related charges for fiscal 2021.
Word for word“During fiscal 2021, we recorded restructuring and other related charges of $180.4 million.” 10-K for 2021
Our summaryMarvell reported restructuring related charges in operating expenses as it integrated acquired businesses and worked to cut costs.
Word for word“We recorded total restructuring related charges of $170.8 million in fiscal 2021 as we integrated the acquired businesses and continued to evaluate our existing operations to increase operational efficiency, decrease costs and improve profitability.” 10-K for 2021
| Fiscal year ended | Severance costs | Restructuring charges | Cash paid for restructuring | Positions eliminated |
|---|---|---|---|---|
| 2017-01-28 | $32.6 million | $44.7 million | $32.5 million | 500 |
| 2018-02-03 | $8.2 million | $12 million | $44.8 million | — |
| 2019-02-02 | $40.3 million | $78.2 million | $38.2 million | — |
| 2020-02-01 | $31.7 million | $39.2 million | $37.8 million | — |
| 2021-01-30 | — | $55.7 million | $57 million | — |
Marvell Technology Group filed 1 restructuring notice (Form 8-K, Item 2.05) since 2016. This page shows what the company reported to the SEC, not news reports or state layoff notices.
Read from Marvell Technology Group’s annual reports (10-K for 2021, 10-K for 2020, 10-K for 2019) and the financial data it files with the SEC, as of 2021-03-16. Every quotation is word for word from the filing linked beside it; how these pages are built and checked. The full record is in its company data sheet.